Lynch's Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 25,000 units and sold 20, 000 units. The selling price of the company's product is $50 per unit. Assume that the company uses absorption costing: Compute the unit product cost. Prepare an income statement for the year. Assume that the company uses variable costing: Compute the unit product cost. Prepare an income statement for the year. Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $500, 000, 46% and $10, 000, respectively. The North Division's contribution margin and contribution margin ratio are $150, 000 and 50% respectively. The South Division's segment margin is $30, 000. The company has $90, 000 of common fixed expenses that cannot be traced to either division. Prepare an income statement for Shannon Company that uses the contribution format and is segmented by